Business

The gap between electricity supply and demand is expected to be narrower this winter than last as the country battles an energy crunch but there should be no disruption from the lights or gas flames going out, according to key industry reports. System operator National Grid released eagerly awaited forecasts covering both gas and electricity

British dairy farmers say they have poured tens of thousands of litres of milk away due to the HGV driver shortage – and fear it is just the “tip of the iceberg” ahead of winter. One fourth-generation dairy farmer in central England has been forced to dump 40,000 litres of milk over the past two

Wholesale gas costs reached new uncharted territory on Wednesday as financial markets fret over the impact of inflation on the global recovery from the coronavirus crisis. The gas contract for next-day delivery in the UK breached £3/therm for the first time on Wednesday morning and was as high as £3.20 at one stage. Market experts

Wholesale gas prices have hit record highs and oil has reached a new three-year peak – further fuelling worries about higher prices for consumers and businesses ahead. The British day-ahead contract for natural gas hit 277p per therm, 32% higher than Monday and surpassing the 275p per therm level seen during the “Beast from the

Just 127 of the 300 visas issued for international HGV drivers to come to the UK have been granted, Boris Johnson has admitted. The prime minister argued supply chain problems have been caused “very largely by the strength of the economic recovery”. He told BBC Breakfast: “What we said to the road haulage industry was

There are nearly 1,800 more streets across Britain where the average home is valued at more than £1m compared with a year ago, new figures have shown. Some 11,673 streets in September 2021 had an average property price into seven figures, which was 1,782 more than the 9,891 last September, according to property firm Zoopla.

Rishi Sunak has suggested he may have to introduce further tax rises as the economy emerges from the COVID-19 pandemic, declaring: “Our recovery comes with a cost.” Speaking at the Conservative Party conference in Manchester, the chancellor sought to emphasise that the party remains committed to fiscal responsibility, despite unprecedented government borrowing amid the coronavirus

The fuel supply crisis is “virtually at an end” in parts of the UK, but problems persist in London and the South East, the Petrol Retailers Association has said. There has been no overall improvement in the crisis in the last 24 hours, the group added. However, issues with getting fuel were “virtually at an

A British logistics start-up backed by the Amazon founder Jeff Bezos and other titans of the technology world is raising tens of millions of pounds to help it satisfy booming demand for its services. Sky News has learnt that Beacon, which helps companies to manage their supply chains more efficiently, has sealed a $50m (£37m)

A US private equity firm has won the auction for British supermarket group Morrisons with a £7bn bid. Clayton, Dubilier & Rice (CD&R) bid 287 pence per share. Morrisons is Britain’s fourth-biggest supermarket by market share, after market leader Tesco, Sainsbury’s and Asda. Based in Bradford, the business began as an egg and butter merchant

The restaurant empire founded by Sir Terence Conran is to change hands for the first time in nearly a decade after its owners entered exclusive talks with a little-known private equity investor. Sky News has learnt that D&D, which owns prominent London restaurants such as the Bluebird in Chelsea, Coq d’Argent in the heart of

Sir Keir Starmer has called on the government to take “emergency action to get a grip” on the HGV driver shortage causing fuel and food shortages. The Labour leader said the prime minister needs to deploy the 150 army drivers that are on standby now to petrol stations across the UK after an independent fuel

Motorists could face another “week or so” of long queues at the filling stations, a minister has said, because of an “unprecedented demand” for petrol and diesel. Policing minister Kit Malthouse said on Friday if the crisis does not ease in the coming days, Boris Johnson stands ready to review the situation, which has been

Pre-departure tests for anyone travelling to the UK are being reintroduced as the government continues to gather information on the new Omicron COVID variant. The move coincides with Nigeria being placed on the red travel list – and represents the biggest change to the UK’s travel rules in quite some time. What’s the latest? All

The fuel crisis is “back under control” as more is now being delivered to petrol stations than is being sold, a minister has told Sky News. After days of long queues at petrol stations and with many running out of fuel, Simon Clarke, chief secretary to the Treasury, said the main message today is “there

The UK economy grew more strongly than previously thought in the second quarter as consumers curbed their savings to fuel a spending splurge. Gross domestic product (GDP) increased by 5.5% in the April-June period, according to the Office for National Statistics (ONS), which had initially estimated growth of 4.8%. It means that by the middle

Energy firm Igloo, along with two others, have confirmed they are ceasing to trade as the record surge in wholesale energy costs continue to take their toll on small suppliers. Industry regulator Ofgem said the customers of Igloo, Symbio Energy and ENSTROGA would be sheltered through the appointment of a new supplier in due course.

Retailer Next has called for the government to take a “more decisive” approach as it warned a lack of foreign workers could hamper Christmas shopping deliveries. The business, led by Conservative peer Lord Wolfson, suggested that after the “widely predicted” HGV driver shortage crisis it should act to avert further looming problems in areas such

Watching the queues outside petrol stations these past days, one cannot help but be reminded of another moment some years ago when people queued in their thousands in Britain’s high streets to withdraw a crucial resource: the bank run on Northern Rock in 2007. Indeed, there are at least three ways in which this episode

Oil prices have topped $80 a barrel for the first time in three years – likely to add to pressure on motorists when the higher cost filters through to pumps. Brent crude rose for a sixth day in a row as concerns over supply coincide with more countries, such as Japan, easing COVID-19 restrictions, which